Number of customers at selected digital banks in Europe 2024
Revolut, the London-based app-only bank, demonstrated remarkable growth in customer acquisition. From 1.5 million customers in February 2018, the bank expanded to 25 million by November 2022 and 35 million by November 2023. In November 2024, Revolut reached the 50 million customer milestone, establishing itself as the largest digital bank in Europe. This growth trajectory was paralleled by other digital banks like Wise, which reached 12.8 million customers by March 2024. Revolut's expansion is further evidenced by its app download figures, which showed significantly higher growth compared to other digital banks between 2019 and 2023.
What are the key characteristics of neobanks?
Unlike traditional banks that now offer robust mobile banking services, online banks - variously termed digital challenger banks, disruptor banks, or neobanks - operate exclusively through mobile apps without physical branches. These digital banks provide customers with distinct advantages, including lower fees, enhanced customer service, and greater accessibility, made possible by their significantly reduced operational costs..
Who are the market leaders in the digital banking sector?
While numerous digital banks have been rapidly expanding their customer bases in recent years, a select group of global leaders has emerged with extraordinary growth. Only three digital banking powerhouses have achieved the remarkable milestone of over 100 million users: WeBank, Rakuten, and Nubank. These digital banking giants not only distinguish themselves through their massive user bases but also through significant financial backing. Rakuten and Nubank have been particularly noteworthy in attracting substantial venture capital, positioning themselves among the most well-capitalized digital banks in the global market.
